Trust Wallet users were shocked by the sudden disappearance of money in their accounts, prompting them to raise the matter on X.
Some feared that wallets may have been breached, as hackers always target crypto wallets.
Responding to the X post, some users highlighted that the problem was beyond balances, as buying and selling nodes had issues.
However, some were relieved and grateful for the reassurance of their funds and their efforts to restore the wallet’s operations.
Although the Trust Wallet issue was merely a glitch, it caused widespread panic among community members, who feared their wallets had been drained.
Their concerns were valid, given the high frequency of security breaches in the crypto space. Chainalysis reports that crypto thieves stole a staggering $2.2 billion worth of cryptocurrency in 2024.
Most of the crypto losses in 2024 resulted from hacking associated with the Democratic People’s Republic of Korea (DPRK).
A Chainalysis report reveals that North Korean hackers, including the lethal Lazarus, account for 61% of all the crypto stolen this year.
Although Decentralized Finance was the most affected by hackers in the earlier months of 2024, centralized finance had the most significant financial blows in the year’s second and third quarters.
The DMM Bitcoin suffered a $305 million loss in May from hackers, and in July, WazirX lost $234.9 Million.
Through their X account, Trust Wallet stated that they successfully resolved the glitch and that the wallet is fully operational. Some users confirmed, saying that they can access their balances.
Trust wallet is one of the many digital wallets that crypto users rely on. It has always boasted of its robust safety measures and easy-to-navigate features. The glitch, if otherwise, would have been the biggest test for the digital wallet.
In Related News, Bitcoin’s rally is hitting a wall, and the numbers are lining up for a big correction in the next month.
October saw the global money supply hit a peak of $108.5 trillion, pushing Bitcoin to its record $108,000 high.
But here’s the twist: over the last two months, the money supply has dropped by $4.1 trillion, now sitting at $104.4 trillion—its lowest since August. Historically, Bitcoin lags behind money supply by about ten weeks.
If that pattern holds, prices could sink by as much as $20,000 in the weeks after president Donald Trump’s inauguration. Analysts are pointing to Bitcoin’s current phase as a mid-top correction—a pattern seen before in 2012, 2016, and 2020.
Those phases led to monster bull runs, but first came the pain. And it looks like this one could sting, especially with predictions that even before inauguration, Bitcoin might drop 30%.
Panic is spreading beyond crypto. U.S. equity funds just posted outflows of $50.2 billion in the week ending December 18. That’s the biggest exodus since 2009. Large-cap funds lost $20.9 billion, wiping out six weeks of gains.
Small-cap, multi-cap, and mid-cap funds weren’t spared either, losing $5.4 billion, $3.9 billion, and $2.9 billion, respectively. Meanwhile, the volatility index ($VIX) just posted its second-largest daily jump in history. The market is on edge, and Bitcoin’s caught in the middle of it.
Leveraged long positions in Bitcoin got crushed, pushing prices down to $92,000 by mid-December. The weekend gave bulls a little breathing room, with a rebound to $99,500 on Bitstamp.
Coinbase buyers tried to claw prices back to six figures, but institutional players staying on the sidelines made the recovery look shaky. The optimism didn’t last.
Bitcoin exchange-traded funds (ETFs) felt the heat too. December 20 brought nearly $300 million in net outflows from U.S. Bitcoin ETFs.
The iShares Bitcoin Trust (IBIT) took the hardest hit, logging its largest-ever outflow at $72.7 million. Investors are bailing, and fast.